ST. LOUIS (KSDK) - There will be no improvements to the Edward Jones Dome for the foreseeable future.

The St. Louis Convention & Visitors Commission announced Friday it will not spend $700 million to upgrade the Edward Jones Dome, rejecting an arbiter's February decision that took the side of the St. Louis Rams franchise, ruling that either mass improvements were needed or a new stadium should be built.

The arbitrators' decision did not bind the CVC to adhere to the Rams' $700 million plan.

If the CVC ultimatelydoes not meet the arbiter's plan, the Rams and CVC will go to a year-to-year agreement; the team could still leave St. Louis following the 2014-15 NFL season.

Three independent arbitrators listened to the Rams and CVC present their cases on which option was best to update the Edward Jones Dome into a first-tier facility in the NFL.

The arbitrators had the option to create their own plan but ultimately determined the Rams' plan was the only feasible option to reach the "first-tier" status, which was central to the arbitration.

Rams COO Kevin Demoff said the team expected this decision from the CVC's decision for months.

Because of the amount of money at stake, it's been suggested that this is between Rams owner Stan Kroenke and Missouri Governor Jay Nixon.

The governor issued the following statement Friday afternoon: "We appreciate the value of having two solid NFL franchises in the state of Missouri with stable ownership in both St. Louis and Kansas City...I look forward to hearing from the Rams about their long-term plans."

The St. Louis Regional Convention and Sports Complex Authority owns the Edward Jones Dome, while the CVC handles building operations.